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Soneri Car Finance

Purpose of Finance

Purchase of brand new:

  • Un-registered cars for private use.
  • Un-registered light commercial vehicles for private use.

Eligible Borrowers*

  • Salaried Persons
  • Self Employed Professionals
  • Business Persons

Financing Amount

  • For Cars upto 2000 CC:                 Rs. 1.0 Million
  • For Cars exceeding 2000 CC:        Rs. 2.0 Million

Down Payment

  • On finance upto Rs. 1.0 M:      Minimum 15% of the vehicle price.
  • On finance over Rs. 1.0 M:      Minimum 20% of the vehicle price.

Tenure

  • Maximum repayment period is 5 years

Mark-up Rate **

  • 1 year KIBOR + 4% p.a., to be revised on each anniversary of finance.

Processing Fee

  • Rs. 2000/- per approved application.

Service Length

  • Minimum 2 years of confirmed service with present employer in case of Salaried Person.

Age

At the time of Application for finance applicant’s age must not be more than;

  • 55 years in case of Salaried Persons
  • 60 years in case of Self Employed / Business Persons

Debt Burden

  • Monthly repayment installments not to exceed 40% of the net take home salary or 40% of declared monthly income (taking into account other financing facilities availed from other Banks/DFIs).

Pre-Payment Penalty

  • 2% pre-payment penalty on outstanding principal amount of finance being pre-paid.

Late Payment Charges

  • Rs. 500/- per installment per month.

Insurance of Cars / Motor Vehicles

  • Cars / Motor Vehicles financed are to be comprehensively insured with any of the Insurance Companies listed on the approved panel of Soneri Bank.
  • Insurance Premium is payable up-front for each year during the life of the loan.

Charges

  • Documentation Charges at actual.
  • Income Estimation Charges (if applicable).

 

*      Subject to fulfillment of our eligibility criteria.
**    Subject to change and revised rates to be communicated from time to time.

For further details please call:
Consumer Finance Division # 111-567-890 ext 2435.